Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
No it wasn't...it was a pick and choose question...read it again...
It wasn't a yes or no question...
Someone is frying fish and you can smell it a mile away... for those of you who are skeptical...I'd think twice on this story...
You're speculating relying on a show, but when you got inside info coming from a family member working at the company in investor relations...there's definitely more to this story...
...and besides...it's not like we're talking about a last name like Johnson or Smith...his last name is not very common...what would be the chances that they are related...
I think there's more to this story than what's on the surface...
Let me ask you this...would you buy shares based a someone saying something on a show or program or buy shares based on info from a family member who currently works at the company who has inside info?
Call it coincidence with the same last name...but I'd put my money on the inside info from a family member...how much more sure can you possibly be when buying a company share on OTC...
I wouldn't be surprised...another insider trading? Happens everyday...if you get insider info and can act on the info...who wouldn't if it makes you money...
It's for repack mortgages that is a minimum requirement with 25k investment...not for shareholders...but here's the real kicker...currently we stand at 5 trillion on housing yet it says.
Freddie Mac Announces Second External Offering of a 55-Day PC Backed by a Multifamily Mortgage Loan
Marketwired Freddie Mac
54 minutes ago
MCLEAN, VA--(Marketwired - Jul 20, 2015) - Freddie Mac (OTCQB: FMCC) today announced the second external offering this year of a 55-Day Participation Certificate (PC) pass-through security. The single-class security is backed by one 15-year fixed-rate multifamily mortgage loan of approximately $11 million and is expected to settle on July 27, 2015.
The 55-Day PC will be offered to the market through competitive bidding. It features Freddie Mac's guarantee of timely payment of interest and scheduled principal. Freddie Mac completes the underwriting and credit reviews for all loans. Securitized loans are underwritten to the same standards as loans held in the company's portfolio. The 55-Day PC timeline is consistent with industry standards and is the duration between the mortgage payment date and the security payment date.
The Multifamily Mortgage Participation Certificates offering circular: http://www.freddiemac.com/mbs/docs/Multifamily_PC_7-01-14.pdf
This announcement is not an offer to sell any Freddie Mac securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate Freddie Mac's Annual Report on Form 10-K for the year ended December 31, 2014, filed with the Securities and Exchange Commission (SEC) on February 19, 2015; all other reports Freddie Mac filed with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act) since December 31, 2014, excluding any information "furnished" to the SEC on Form 8-K; and all documents that Freddie Mac files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information furnished to the SEC on Form 8-K.
Freddie Mac's press releases sometimes contain forward-looking statements. A description of factors that could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements can be found in the company's Annual Report on Form 10-K for the year ended December 31, 2014, and its reports on Form 10-Q and Form 8-K, filed with the SEC and available on the Investor Relations page of the company's Web site at www.FreddieMac.com/investors and the SEC's Web site at www.sec.gov.
Freddie Mac was established by Congress in 1970 to provide liquidity, stability and affordability to the nation's residential mortgage markets. Freddie Mac supports communities across the nation by providing mortgage capital to lenders. Today Freddie Mac is making home possible for one in four home borrowers and is one of the largest sources of financing for multifamily housing. Additional information is available at FreddieMac.com, Twitter @FreddieMac and Freddie Mac's blog FreddieMac.com/blog.
Fannie Mae issues sale of more than $800M in non-performing loans
by admin on Sunday, July 19th, 2015
Fannie Mae today announced its second sale of non-performing loans, including a smaller Community Impact Pool, a geographically-focused, high occupancy pool being marketed to encourage participation by nonprofits and minority- and women-owned businesses.
The two larger pools of approximately 3,900 loans totaling $777 million in unpaid principal balance (UPB) and the Community Impact Pool of approximately 75 loans, focused in the Tampa, Florida-area, totaling $11 million in UPB are available for purchase by qualified bidders.
This sale of NPLs is being marketed in collaboration with Credit Suisse Securities, Wells Fargo Securities and the Williams Capital Group.
“The goal of our non-performing loan sales is to be able to offer borrowers additional options to avoid foreclosure, while also reducing the number of seriously delinquent loans in Fannie Mae’s portfolio,” said Joy Cianci, Fannie Mae’s Senior Vice President for Credit Portfolio Management. “We hope to inspire opportunities for nonprofit organizations, smaller investors, minority- and women-owned businesses and community groups to work together to help more borrowers avoid foreclosure and collaborate on neighborhood stabilization efforts.
“We recently held a training forum to bring diverse stakeholders together to explore ways to participate in upcoming NPL sales. We’ll learn and evolve our strategy over time to ensure we meet our goals,” Cianci said.
http://originatortimes.com/fannie-mae/fannie-mae-issues-sale-of-more-than-800m-in-non-performing-loans/
Fannie Mae’s HOME app guides buyers through homebuying process
by admin on Sunday, July 19th, 2015
Hoping to reach more qualified mortgage loan borrowers, Fannie Mae has launched a new mobile app to help potential buyers navigate the homebuying process, step by step.
Click To Tweet
HOME joins many other apps available to those interested in investigating their prospects for getting a mortgage and what kind of home they can buy.
The mobile app features several guided financial calculators, including:
An affordability calculator to estimate the best home a potential buyer can afford.
A purchase calculator to estimate a monthly mortgage payment based on a home’s price.
A savings calculator to help potential buyers plan and save for down payments.
An extra payment calculator to help homeowners reduce loan payment times.
The HOME app also features resources such as articles, videos, FAQs and a dictionary, and it will connect users with Department of Housing and Urban Development-approved housing counseling agencies.
A dashboard displays several steps that need to be completed in the homebuying process and allows users to track their progress.
The free HOME app is available for both Android and iOS devices.
Email Amy Swinderman.
http://originatortimes.com/fannie-mae/fannie-maes-home-app-guides-buyers-through-homebuying-process/
Fannie Mae Prices Latest Credit Risk Sharing Transaction
by admin on Monday, July 20th, 2015
Fannie Mae has priced what it expects will be its final fixed severity deal, the government-sponsored enterprise said July 16.
Fannie Mae has planned a $1.56 billion note offering through its Connecticut Avenue Securities Series, which is scheduled to settle July 22. The Series 2015-C03 transaction references a pool of 225,000 single-family mortgage loans with an outstanding principal balance of roughly $48.3 billion.
The loans referenced in this eighth offering through the CAS series were acquired May through August, featuring strong credit standards and enhanced risk controls. The loans generally are fixed-rate, 30-year fully amortizing mortgages. The pool is split into two groups based on original loan-to-value ratios, with one including loans with original LTV ratios between 60.01% and 80% and the other featuring loans with ratios between 80.01% and 97%.
Fannie Mae said in a news release announcing the transaction that new and existing investors participated. As for pricing, both the 1M-1 and the 1M-2 tranches were valued at one-month Libor plus a spread of 150 basis points, while the 2M-1 and 2M-2 tranches were priced at one-month Libor plus a spread of 500 basis points.
Since beginning in 2013, the CAS program has issued $10 billion in notes and transferred the credit risk to private investors for loans with an outstanding unpaid principal balance of more than $390 billion.
“Despite various factors causing uncertainty in many global markets, we brought another successful CAS deal to the market and attracted new investors to the program,”said Laurel Davis, vice president for credit risk transfer at Fannie Mae. “Our strategy has been to come to market once a quarter with regular, consistent transactions that investors can plan for and we continued to demonstrate that philosophy with this deal.”
The GSE said in the news release that it plans to come out with its first actual loss deal as early as the fourth quarter of 2015, pending market conditions. Fannie Mae said it will release an enhanced single-family loan performance dataset ahead of the actual loss deal to provide credit performance information.
Fannie Mae has hinted at plans for an actual loss deal as early as Mayof this year. Freddie Mac, meanwhile, has already offered securities with exposure to actual losses: In April, it completed an actual loss transaction worth $1.01 billion that was upsized to appease strong demand.
http://originatortimes.com/fannie-mae/fannie-mae-prices-latest-credit-risk-sharing-transaction/
O.o that's what SHE did...lol
Fannie Mae planning first actual loss credit risk-sharing deal
Deal coming as early as fourth quarter
Ben Lane
As predicted by Fitch Ratings earlier this week, Fannie Mae is indeed preparing to issue its first actual loss credit risk-sharing deal, perhaps as early as the fourth quarter of 2015.
In a report Wednesday, Fitch said that it expected Fannie Mae to join its GSE counterpart, Freddie Mac, in issuing actual loss credit risk-sharing deals, citing continually positive investor response as a significant factor.
Fannie Mae confirmed those plans Thursday in a release announcing the pricing for its latest credit risk-sharing transaction under its Connecticut Avenue Securities series.
Fannie Mae said that Connecticut Avenue Securities 2015-C03 will be its final fixed severity deal and expects to come to market with its first actual loss deal as early as the fourth quarter of 2015.
Fannie Mae noted that in preparation for marketing its first actual loss deal, it plans to release an enhanced single-family loan performance dataset that provides credit performance information up to and including property disposition.
Freddie Mac began making loan-level loss data available to investors in November.
At the time, Freddie said that it was making the data available in an effort to increase investor transparency, and expected the loan-level data to help investors build more accurate credit performance models in support of Freddie’s credit risk-sharing offerings.
According to Freddie, loan-level actual loss data was added to its single-family loan-level historical dataset, which covers approximately 17 million 30-year, fixed-rate, single-family mortgages originated between January 1, 1999, and June 30, 2013.
Market demand actually caused Freddie Mac to increase the size of its first Structured Agency Credit Risk series offering featuring actual loss positions.
And Freddie Mac’s second actual loss STACR deal, STACR Series 2015-DNA2, priced wide compared to STACR Series 2015-DNA1.
“The significance of the actual loss deals is that they increase the amount of risk that the GSEs are able to offload,” said Fitch Director Sean Nelson said earlier this week.
“We expect actual-loss transactions to become more common in the future as they provide this type of risk-offload for the GSEs and are likely more sustainable over the long-run,” Nelson continued.
In addition to releasing its enhanced single-family loan performance dataset, Fannie Mae also said that will host web tutorials to “help the market get the most out of this extensive amount of research data.”
Since the program began in October 2013, Fannie Mae has issued $10 billion in notes through CAS and transferred credit risk to private investors on single-family mortgage loans with an outstanding unpaid principal balance of over $390 billion.
And soon it will have another vehicle to help increase the role of private capital in the mortgage market and further reduce taxpayer risk.
http://www.housingwire.com/articles/34510-fannie-mae-planning-first-actual-loss-credit-risk-sharing-deal
Damn...we just went from mortgages to candy... Sugar high...now we're talking!!! LOL
Free Lollipops at Fannie May Today, 7/20/2015!
July 20, 2015 by Christy
Get your Free lollipops at Fannie May! Fannie May stores will be handing out Free lollipops today, 7/20/215, in celebration of National Lollipop day! Stop by and get your Free lollipop, while supplies last!
http://www.theshoppersapprentice.com/2015/07/20/free-lollipops/
DS News Webcast: Monday 7/20/2015
Federal Reserve Chair Janet Yellen addressed the subject of the much-anticipated federal funds range increase in two separate Congressional hearings this week. Yellen said that more economic improvement, particularly in the labor market, is needed along with confidence that the objective of 2 percent inflation can be met over the medium term. She said the Federal Open Market Committee would determine on a meeting-by-meeting basis if progress toward that goal is sufficient enough to raise the rates.
The target range for the federal funds rate has remained near zero since December 2008, right at the beginning of the financial crisis. Senate Banking Committee Chairman Richard Shelby said the Fed's continuing to hold interest rates down could have an adverse effect on the economy, particularly on household savings. Shelby noted that the FOMC has stated it would adjust its interest rate policy when the unemployment rate fell below 5 point 6 percent. The BLS reported an unemployment rate of 5.3 percent in June.
With the announcement of a $1.56 billion credit risk sharing transaction under the Connecticut Avenue Securities series, Fannie Mae has now issued $10 billion in notes on single-family mortgage loans through CAS totaling more than $390 billion since the program began in October 2013. The transaction is a step for Fannie Mae toward increasing the role of private capital in the mortgage market through credit risk transfers in order to reduce taxpayer risk, as set forth by its conservator, the Federal Housing Finance Agency.
http://dsnews.com/media/07-19-2015/ds-news-webcast-monday-7202015
Ask and ye shall receive...
Dan K. Thomasson: Executive pay fiasco at Fannie Mae and Freddie Mac
BY DAN K. THOMASSON
Tribune News Service
July 20, 2015
WASHINGTON - Fannie Mae and Freddie Mac, the quasi-public mortgage giants, have come a long way since they had to be bailed out by the taxpayers in the real estate crash - so far in fact that their chief operating officers can now have $3.4 million raises.
Welcome to the way the government works.
First, the Congress encourages a policy of lending that is based on the theory that every American deserves to own a house. You know ... like a chicken in every pot. To reap the political benefits of this, they encourage Fannie and Freddie to be quite liberal in their approval of loans no matter how unworthy the applicant.
Second, some congressional critics voiced their disapproval of the two institutions because their stock record was among the best and they operated pretty much as private concerns outside of government control despite their federal charters. These geniuses begin carping at the way the system works, bringing pressure counterproductive to letting some air out of the dangerously overinflated housing balloon.
This theory of the right to own a home was based on the belief that one could pay nearly anything for a house and receive instant gratification. The amount one paid meant nothing when one could flip the property a year later for a nice profit. Why it was almost a sure bet. Until it wasn't.
Suddenly the nation's financial institutions awoke from the euphoria and found that huge number of Americans not only couldn't pay their mortgages, the property they owned was below the water line. More was owed than it was worth. The big banks and mortgage institutions were stuck with billions upon billions of losses. There was nothing to do but for the taxpayers - i.e., the U.S. Treasury - to bail them out.
The rest, of course, is history. That's an oversimplification of the entire mess, but not much of one. Greed probably was the main problem. Actually, since the rescue of Fannie and Freddie, the two behemoths have not only paid back the amount of the bailout but billions above and beyond that.
Now here's the rub. The federal reorganization, if that is what it can be called, of Fannie and Freddie was chaotic, hanging out to dry talented top flight employees who had nothing to do with what got the two companies into trouble, and turning the stock in which huge numbers of Americans had invested into wallpaper.
In the interest of full disclosure, my daughter - a former Fannie employee who had bought her employer's stock in good faith during her years there - lost almost half a million dollars, earmarked for the education of her children. It was, needless say, an enormous trauma.
Meanwhile, so many Fannie and Freddie "saviors" came and went from the executive suites it was difficult to tell who was in charge. I knew a specialist at Freddie who was asked to stay and was given a large bonus incentive to do so by his superior. A month or two after receiving the bonus, a new man appeared and said his services were being terminated but he would receive a year's salary. It would be difficult to estimate the cost of that move or dozens like it as the bureaucrats floundered around trying to get things right.
They ultimately succeeded and now the current choices to run the big institutions are going to reap the benefits. The Federal Housing Finance Agency voted to raise the limit of compensation for the Fannie and Freddie CEOs to $4 million each. This includes a base salary of $750,000, deferred salary of $2.05 million and deferred salary based on performance of another $1.2 million.
And what about the stock still in the hands of thousands of the companies' pre-crash shareholders? My daughter just shrugs the whole thing off, saying she should have diversified more. But there are continuing efforts to force a readjustment of the old shares, to restore their value. Was the Federal Housing Finance Agency given too much authority, and does the Constitution allow what many see as a disenfranchisement of the shareholders?
The Treasury has reaped the benefits of a much improved housing market and new loan policies to prevent a recurrence. At the same time, should the government not do something for all those who didn't think they were taking a chance when they bought into Fannie Mae or Freddie Mac in good faith? Or should that be just considered their tough luck?
ABOUT THE WRITER
Dan Thomasson is an op-ed columnist for Tribune News Service and a former vice president of Scripps Howard Newspapers. Readers may send him email at: danthomasson@verizon.net .
http://www.islandpacket.com/2015/07/20/3844109_dan-k-thomasson-executive-pay.html?rh=1
Fannie and Freddie are Back, Bigger and Badder Than Ever
By BETHANY McLEANJULY 20, 2015
AFTER the financial crisis of 2008, there was one thing that almost everyone agreed on. The government-sponsored mortgage giants, Fannie Mae and Freddie Mac, had to go. While shareholders and executives reaped the profits from Fannie and Freddie in good times, taxpayers were stuck with the bill in a crisis. President Obama described their dysfunctional business model as “Heads we win, tails you lose.” But here we are, seven years after the crisis, and nothing has changed.
Fannie Mae and Freddie Mac were meant to make it easier for Americans to buy their own homes. By buying up mortgages issued by other lenders, they enabled the lenders to make more loans. Fannie and Freddie could then package the payments that Americans made on their home mortgages into securities to sell to investors, from big bond funds to foreign central banks. In this way, a saver in China financed the purchase of a home in Kansas.
In many ways, the system worked beautifully. But Fannie and Freddie accrued tremendous power and wealth because of the primacy of housing at the center of the American dream, combined with the perception that these loans had the full backing of the United States government. They abused that perception. Executives paid themselves lavish salaries, and the companies, particularly Fannie, relentlessly lobbied Congress to keep their advantages and dodge regulations.
In the 2008 crisis, when it looked as if Fannie and Freddie might go bankrupt, Henry M. Paulson Jr., then the Treasury secretary, argued that their fall would cause economic catastrophe. Foreign investors, stuck with their securities, would panic, and the mortgage market would shut down. So Fannie and Freddie were put into something called conservatorship, and are now government controlled, supported by a line of credit from the Treasury.
Conservatorship was supposed to be temporary — a “time out,” according to Mr. Paulson. We were going to stabilize the companies’ finances, reduce their importance to the mortgage market, and figure out a better system. But nothing happened. In fact, the situation has gotten even more precarious. In the years since the crisis, private lenders, for the most part, have been willing to make mortgages if they can immediately sell them to government agencies, mainly Fannie and Freddie. In other words, without Fannie and Freddie, there wouldn’t be much of a mortgage market.
To make things worse, the government decided to “sweep” almost all the duo’s profits into its own coffers, to be used as a slush fund for general government expenses. As Treasury Secretary Jacob J. Lew said in congressional testimony this spring, “As a practical matter it’s what has helped us reduce our overall deficit.” If there is another downturn in the real estate market and Fannie and Freddie suffer losses on their some $5 trillion in outstanding securities, taxpayers will again have to foot the bill. Jim Parrott, a senior adviser with the National Economic Council in the Obama administration and now a fellow at the Urban Institute, wrote that the current system was “the worst of all worlds: It attracts too little private capital, provides too little mortgage credit, and still poses too much risk to the taxpayer.”
There has been one serious attempt to get rid of Fannie and Freddie, a bipartisan bill sponsored by Senators Bob Corker (Republican of Tennessee) and Mark Warner (Democrat of Virginia) that did not make it out of the Senate.
But is it really practical to kill Fannie and Freddie? We as a society want much of what they provide, which is relatively consistent access, through good times and bad, for a wide section of society, to a 30-year fixed-rate mortgage. Critics argued that the Corker-Warner plan would essentially turn the mortgage market over to the big banks, and lead to fewer loans at higher rates.
At a time of economic uncertainty, when income inequality is a major issue, it is also not a great thing for social cohesion to require those at the lower end of the income scale to start paying far higher rates for their mortgages than those at the upper end, which most analysts agree would be the case if purely private capital financed the mortgage market.
If we can’t do any better, isn’t it time to fix what we have and ease Fannie and Freddie out of conservatorship? The first step is to stop sending all their dividends to the Treasury. That would allow them to start rebuilding capital, eventually to a level substantially higher than what they were allowed to operate with before the crisis. Then, let’s devise a tighter regulatory structure, one that limits the businesses in which Fannie and Freddie can operate, limits the incentives of their management teams to take risk, and limits their ability to lobby. We could cap the returns to shareholders, as utilities do.
Franklin D. Raines, Fannie’s former chief executive, suggests structuring them like mutual insurance companies, which are owned by their policyholders, who would in this case be homeowners, rather than shareholders. A guarantee fund, modeled after the Federal Deposit Insurance Corporation, could support the companies in times of stress as the F.D.I.C. does banks. It would not be perfect. But if the alternative is doing nothing, it’s a whole lot better than that.
Bethany McLean is the co-author of “The Smartest Guys in the Room” and author of the forthcoming book “Shaky Ground: The Strange Saga of the U.S. Mortgage Giants.”
http://www.nytimes.com/2015/07/20/opinion/fannie-and-freddie-are-back-bigger-and-badder-than-ever.html
You can't expect Congress to write up a correct legislation when documents are kept secret by Hussein Admin...not happening...documents need to to unsealed to correctly reform the GSE's so that no taxpayer(s) is on the hook ever again...
I saw a coupon in the 99 cent store for one...I can forward that to you if you need help purchasing one since I see that you may be losing some money with the pps rising...
You won't see $2 for a while if ever...it's gone let it go...make up your difference buying low like now...and selling higher...The volume that bought 2 days ago hasn't left...that gap?...if it's going to fill, won't be filled soon...never did fill right after...what's your definition of a pro? Believing in the charts? Believing in yourself? Or buying low and selling higher...eliminate greed...stop waiting for the extreme and you'll make money and gain shares...too many on here I see saying I'm going to buy at the lowest price and I'm going to sell at the highest peak...yes, it's possible...but, when everyone else is doing the same thing your chances get very slim...then regret sets in...quit that pattern...it's not making money...
This author is clearly siding with the government on the AIG case also referencing the GSE's shouldn't hold their breath with Starr Int'l winning...sounds like a sore loser? You betcha...
Peter Piper picked a pepper? Are you writing nursery rhymes again?...lol
It's working...what are you talking about?
Foresight...you know what I mean...auto correct much?
Hindsight is 20/20 but forthsight is unpredictable...
Anyone else notice how CT doesn't post charts when the pps is going up? Only to give a heads up of how far it will go down...
We busted through upside on the bull pennant flag on the 60min chart...looks very strong...looks like a setup being made on the weekly...we could see this thing FLY next week...
No she mentioned no such thing nor was anything asked of that nature...
She just briefly mentioned Fannie Mae when she was talking about FSOC...nothing major...
Yellen talking about Fannie Mae...
http://blogs.marketwatch.com/capitolreport/2015/07/15/live-blog-and-video-of-janet-yellens-testimony-before-congress/
Form 8-K for FEDERAL HOME LOAN MORTGAGE CORP
15-Jul-2015
Amendments to Articles of Inc. or Bylaws; Change in Fiscal Year,
Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Effective July 13, 2015, the Bylaws of Freddie Mac (formally known as the Federal Home Loan Mortgage Corporation) were amended as follows:
? Sections 5.2 and 5.3 were revised to remove the requirement that the appointment or removal of a Chief Compliance Officer or a Chief Enterprise Risk Officer be approved by the Board of Directors.
? Section 5.2 was also revised to require that the appointment of a President and/or Chief Operating Officer, if such an appointment were to be made, be reviewed by the Board of Directors in all cases.
? The title of Section 5.1 was revised.
Sections 5.1, 5.2 and 5.3, as amended, are set forth below in their entirety:
Section 5.1 Officers of the Corporation. There shall be a Chief Executive Officer of the Corporation and a Senior Vice President - General Auditor. Other officers of the Corporation may include a President, a Chief Operating Officer, a Chief Compliance Officer, a Chief Enterprise Risk Officer, one or more Vice Presidents (any one or more of whom may be designated Executive Vice President or Senior Vice President and may be given other descriptive titles), a Corporate Secretary and all other officers or assistant officers deemed necessary and desirable for the conduct of the Corporation's business. Any of the above offices may be held by the same person, except that the office of the Corporate Secretary may not be held by the same person that holds the office of Chief Executive Officer, President, Chief Operating Officer or Senior Vice President - General Auditor.
Section 5.2 Appointment and Term.
(a) The Board of Directors shall elect the Chief Executive Officer.
(b) The Audit Committee of the Board of Directors shall elect the Senior Vice President - General Auditor.
(c) Except as otherwise determined by the Board of Directors or provided herein, the Chief Executive Officer shall appoint all additional officers at the Executive Vice President and Senior Vice President level or above.
(d) Except as otherwise determined by the Board of Directors or provided herein, the Chief Executive Officer or his or her designee(s) (each individually an "Appointing Officer" and collectively the "Appointing Officers") shall appoint all officers at the Vice President level and below, other than those identified in Sections 5.2 (a), (b) and (c).
(e) Except as provided herein, the appointment of a President and/or Chief Operating Officer, if one or both of such positions are to be filled, shall be subject to prior review by the Board of Directors.
(f) Any appointment by an Appointing Officer under this section is subject to the legal, regulatory or supervisory limitations, requirements and approvals that apply to appointments by the Board of Directors. Each officer elected by the Board of Directors or appointed by an Appointing Officer shall hold office until his or her successor is elected or appointed and qualified or until his or her death, resignation or removal as provided in this Article 5. Election or appointment of an officer shall not, in and of itself, create any contract rights in the officer against the Corporation.
Section 5.3 Removal, Resignation, Vacancy.
(a) Any officer may be removed, with or without cause, by a vote of the Board of Directors. The Senior Vice President - General Auditor may be removed, with or without cause, by a vote of the Audit Committee. Except as otherwise determined by these Bylaws or the Board of Directors, an Appointing Officer may remove, with or without cause, any officer he or she may appoint.
(b) Any officer may resign at any time by delivering a notice of resignation to the Corporation. A resignation shall be effective upon delivery unless the notice specifies a later effective time. If a resignation is made effective at a later time, the Board of Directors or the appropriate Appointing Officer may fill the pending vacancy before the effective time if the successor does not take office until the effective time. A vacancy in any office shall be filled in the manner prescribed in these Bylaws for election or appointment to such office.
A copy of Freddie Mac's amended and restated Bylaws is filed as Exhibit 3.1 to this Report on Form 8-K.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibit is being filed as part of this Report on Form 8-K:
Exhibit
Number Description of Exhibit
3.1 Bylaws of the Federal Home Loan Mortgage Corporation, as amended and
restated July 13, 2015
http://biz.yahoo.com/e/150715/fmcc8-k.html
REALLLLYYYYY!!!!
FNMAS up +0.49...HOLY COW!!!!
Flex it baby flex it...Bolli B wants to open back up like a virgin...lol